Quarterly total revenues reached
Quarterly deliveries reached 35,221 vehicles
Quarterly gross margin reached 22.4%
Full year total revenues reached
Full year deliveries were 90,491 vehicles
Full year gross margin reached 21.3%
Operating Highlights for the Fourth Quarter of 2021 and Full Year 2021
- Deliveries of Li ONE were 35,221 vehicles in the fourth quarter of 2021, representing a 40.2% quarter-over-quarter increase and a 143.5% year-over-year increase.
- Deliveries of Li ONE for the full year 2021 reached 90,491 vehicles, representing an increase of 177.4% from 32,624 vehicles in 2020.
FY 2021 | 2021 Q4 | 2021 Q3 | 2021 Q2 | 2021 Q1 | |||||
Deliveries | 90,491 | 35,221 | 25,116 | 17,575 | 12,579 | ||||
FY 2020 | 2020 Q4 | 2020 Q3 | 2020 Q2 | 2020 Q1 | |||||
Deliveries | 32,624 | 14,464 | 8,660 | 6,604 | 2,896 | ||||
- As of
December 31, 2021 , the Company had 206 retail stores covering 102 cities and 278 servicing centers andLi Auto -authorized body and paint shops operating in 204 cities.
Financial Highlights for the Fourth Quarter of 2021
- Vehicle sales were
RMB10.38 billion (US$1.63 billion ) in the fourth quarter of 2021, representing an increase of 155.7% fromRMB4.06 billion in the fourth quarter of 2020 and an increase of 40.5% fromRMB7.39 billion in the third quarter of 2021. - Vehicle margin2 was 22.3% in the fourth quarter of 2021, compared with 17.1% in the fourth quarter of 2020 and 21.1% in the third quarter of 2021.
- Total revenues were
RMB10.62 billion (US$1.67 billion ) in the fourth quarter of 2021, representing an increase of 156.1% fromRMB4.15 billion in the fourth quarter of 2020 and an increase of 36.6% fromRMB7.78 billion in the third quarter of 2021. - Gross profit was
RMB2.38 billion (US$373.5 million ) in the fourth quarter of 2021, representing an increase of 228.5% fromRMB724.6 million in the fourth quarter of 2020 and an increase of 31.3% fromRMB1.81 billion in the third quarter of 2021. - Gross margin was 22.4% in the fourth quarter of 2021, compared with 17.5% in the fourth quarter of 2020 and 23.3% in the third quarter of 2021.
- Income from operations was
RMB24.1 million (US$3.8 million ) in the fourth quarter of 2021, compared withRMB78.9 million loss from operations in the fourth quarter of 2020 andRMB97.8 million loss from operations in the third quarter of 2021. Non-GAAP income from operations3 wasRMB415.0 million (US$65.1 million ) in the fourth quarter of 2021, compared withRMB71.1 million Non-GAAP loss from operations3 in the fourth quarter of 2020 andRMB259.4 million Non-GAAP income from operations in the third quarter of 2021. - Net Income was
RMB295.5 million (US$46.4 million ) in the fourth quarter of 2021, compared withRMB107.5 million net income in the fourth quarter of 2020 andRMB21.5 million net loss in the third quarter of 2021. Non-GAAP net income3 wasRMB686.4 million (US$107.7 million ) in the fourth quarter of 2021, representing an increase of 494.7% fromRMB115.4 million in the fourth quarter of 2020 and an increase of 104.5% fromRMB335.7 million in the third quarter of 2021. - Operating cash flow was
RMB3.84 billion (US$602.1 million ) in the fourth quarter of 2021, representing an increase of 110.7% fromRMB1.82 billion in the fourth quarter of 2020 and an increase of 76.9% fromRMB2.17 billion in the third quarter of 2021. - Free cash flow4 was
RMB1.62 billion (US$253.5 million ) in the fourth quarter of 2021, compared withRMB1.60 billion in the fourth quarter of 2020 andRMB1.16 billion in the third quarter of 2021.
Key Financial Results | |||||||||||||
(in millions, except for percentages) | |||||||||||||
For the Three Months Ended | % Change5 | ||||||||||||
YoY | QoQ | ||||||||||||
RMB | RMB | RMB | |||||||||||
Vehicle sales | 4,057.7 | 7,385.8 | 10,375.7 | 155.7% | 40.5% | ||||||||
Vehicle margin | 17.1% | 21.1% | 22.3% | 5.2% | 1.2% | ||||||||
Total revenues | 4,146.9 | 7,775.2 | 10,620.5 | 156.1% | 36.6% | ||||||||
Gross profit | 724.6 | 1,812.0 | 2,380.0 | 228.5% | 31.3% | ||||||||
Gross margin | 17.5% | 23.3% | 22.4% | 4.9% | (0.9)% | ||||||||
(Loss)/Income from operations | (78.9) | (97.8) | 24.1 | N/A | N/A | ||||||||
Non-GAAP (loss)/income from operations | (71.1) | 259.4 | 415.0 | N/A | 60.0% | ||||||||
Net income/(loss) | 107.5 | (21.5) | 295.5 | 174.9% | N/A | ||||||||
Non-GAAP net income | 115.4 | 335.7 | 686.4 | 494.8% | 104.5% | ||||||||
Operating cash flow | 1,821.3 | 2,169.5 | 3,836.9 | 110.7% | 76.9% | ||||||||
Free cash flow | 1,599.1 | 1,165.0 | 1,615.4 | 1.0% | 38.7% | ||||||||
Financial Highlights for the Full Year 2021
- Vehicle sales were
RMB26.13 billion (US$4.10 billion ) in 2021, representing an increase of 181.5% fromRMB9.28 billion in 2020. - Vehicle margin was 20.6% in 2021, compared with 16.4% in 2020.
- Total revenues were
RMB27.01 billion (US$4.24 billion ) in 2021, representing an increase of 185.6% fromRMB9.46 billion in 2020. - Gross profit was
RMB5.76 billion (US$904.1 million ) in 2021, representing an increase of 271.9% fromRMB1.55 billion in 2020. - Gross margin was 21.3% in 2021, compared with 16.4% in 2020.
- Loss from operations was
RMB1.02 billion (US$159.6 million ) in 2021, representing an increase of 52.0% fromRMB669.3 million in 2020. Non-GAAP income from operations wasRMB84.0 million (US$13.2 million ) in 2021, compared withRMB526.5 million Non-GAAP loss from operations in 2020. - Net loss was
RMB321.5 million (US$50.4 million ) in 2021, representing an increase of 111.9% fromRMB151.7 million in 2020. Non-GAAP net income wasRMB779.9 million (US$122.4 million ) in 2021, compared withRMB281.2 million Non-GAAP net loss3 in 2020. - Operating cash flow was
RMB8.34 billion (US$1.31 billion ) in 2021, representing an increase of 165.6% fromRMB3.14 billion in 2020. - Free cash flow was
RMB4.33 billion (US$679.9 million ) in 2021, representing an increase of 75.8% fromRMB2.46 billion in 2020.
Key Financial Results | |||||
(in millions, except for percentages) | |||||
For the Year Ended | % Change5 | ||||
YoY | |||||
RMB | RMB | ||||
Vehicle sales | 9,282.7 | 26,128.5 | 181.5% | ||
Vehicle margin | 16.4% | 20.6% | 4.2% | ||
Total revenues | 9,456.6 | 27,009.8 | 185.6% | ||
Gross profit | 1,549.3 | 5,761.5 | 271.9% | ||
Gross margin | 16.4% | 21.3% | 4.9% | ||
Loss from operations | (669.3) | (1,017.3) | 52.0% | ||
Non-GAAP (loss)/income from operations | (526.5) | 84.0 | N/A | ||
Net loss | (151.7) | (321.5) | 111.9% | ||
Non-GAAP net (loss)/income | (281.2) | 779.9 | N/A | ||
Operating cash flow | 3,139.8 | 8,340.4 | 165.6% | ||
Free cash flow | 2,464.6 | 4,332.7 | 75.8% |
Recent Developments
Deliveries Update
- In
January 2022 , the Company delivered 12,268 Li ONEs, representing a 128.1% increase fromJanuary 2021 . As ofJanuary 31, 2022 , the Company had 220 retail stores covering 105 cities, in addition to 276 servicing centers andLi Auto -authorized body and paint shops operating in 204 cities.
OTA 3.0 Release
- In
December 2021 , the Company released the OTA 3.0 update to all Li ONE users, further enhancing their in-car experience. This update features the Navigation on ADAS (NOA) and vision-enhanced Automatic Emergency Braking (AEB) functions for the 2021 Li ONE. The OTA 3.0 update also includes an upgraded version of Li ONE’s smart in-car voice assistant,Li Xiang Tong Xue (理想同学), which now supports more advanced voice instructions for in-car applications and vehicle control settings.
Chongqing Manufacturing Base
- In
December 2021 , the Company agreed to establish a strategic cooperation framework with theChongqing municipal government to build itsChongqing manufacturing base in the Liangjiang New Area. The addition of this manufacturing base will further enhance the Company’s ability to meet increasingly strong market demand and cement its foundation for continued growth.
CEO and CFO Comments
Mr.
“In
“Our robust performance in the fourth quarter of 2021 capped a remarkable year of growth for Li Auto,” added Mr.
Financial Results for the Fourth Quarter of 2021
Revenues
- Total revenues were
RMB10.62 billion (US$1.67 billion ) in the fourth quarter of 2021, representing an increase of 156.1% fromRMB4.15 billion in the fourth quarter of 2020 and an increase of 36.6% fromRMB7.78 billion in the third quarter of 2021. - Vehicle sales were
RMB10.38 billion (US$1.63 billion ) in the fourth quarter of 2021, representing an increase of 155.7% fromRMB4.06 billion in the fourth quarter of 2020 and an increase of 40.5% fromRMB7.39 billion in the third quarter of 2021. The increase in revenue from vehicle sales over the fourth quarter of 2020 and the third quarter of 2021 was mainly attributable to the increase of vehicle deliveries in the fourth quarter of 2021.
- Other sales and services were
RMB244.7 million (US$38.4 million ) in the fourth quarter of 2021, representing an increase of 174.5% fromRMB89.2 million in the fourth quarter of 2020 and a decrease of 37.1% fromRMB389.4 million in the third quarter of 2021. The increase in revenue from other sales and services over the fourth quarter of 2020 was mainly attributable to increased sales of charging stalls, accessories and services in line with higher accumulated vehicle sales. The decrease in revenue from other sales and services over the third quarter of 2021 was attributable to the sales of automotive regulatory credits in the third quarter of 2021, which did not recur in the fourth quarter of 2021.
Cost of Sales and Gross Margin
- Cost of sales was
RMB8.24 billion (US$1.29 billion ) in the fourth quarter of 2021, representing an increase of 140.8% fromRMB3.42 billion in the fourth quarter of 2020 and an increase of 38.2% fromRMB5.96 billion in the third quarter of 2021. The increase in cost of sales over the fourth quarter of 2020 and the third quarter of 2021 was in line with revenue growth, which was mainly driven by the increase in vehicle deliveries in the fourth quarter of 2021. - Gross profit was
RMB2.38 billion (US$373.5 million ) in the fourth quarter of 2021, representing an increase of 228.5% fromRMB724.6 million in the fourth quarter of 2020 and an increase of 31.3% fromRMB1.81 billion in the third quarter of 2021. - Vehicle margin was 22.3% in the fourth quarter of 2021, compared with 17.1% in the fourth quarter of 2020 and 21.1% in the third quarter of 2021. The increase in vehicle margin over the fourth quarter of 2020 was primarily driven by higher average selling price attributable to the increase of vehicle deliveries of 2021 Li ONE since its release in
May 2021 . - Gross margin was 22.4% in the fourth quarter of 2021, compared with 17.5% in the fourth quarter of 2020 and 23.3% in the third quarter of 2021.
Operating Expenses
- Operating expenses were
RMB2.36 billion (US$369.7 million ) in the fourth quarter of 2021, representing an increase of 193.2% fromRMB803.5 million in the fourth quarter of 2020 and an increase of 23.4% fromRMB1.91 billion in the third quarter of 2021. - Research and development expenses were
RMB1.23 billion (US$193.0 million ) in the fourth quarter of 2021, representing an increase of 228.7% fromRMB374.2 million in the fourth quarter of 2020 and an increase of 38.4% fromRMB888.5 million in the third quarter of 2021. The increase in research and development expenses over the fourth quarter of 2020 and the third quarter of 2021 was primarily driven by increased employee compensation as a result of growing number of research and development staff as well as increased costs associated with new products developments. - Selling, general and administrative expenses were
RMB1.13 billion (US$176.7 million ) in the fourth quarter of 2021, representing an increase of 162.2% fromRMB429.3 million in the fourth quarter of 2020 and an increase of 10.2% fromRMB1.02 billion in the third quarter of 2021. The increase in selling, general and administrative expenses over the fourth quarter of 2020 was primarily driven by increased employee compensation as a result of growing number of staff, as well as increased marketing and promotional activities and rental expenses associated with the expansion of the Company’s sales network.
Income/Loss from Operations
- Income from operations was
RMB24.1 million (US$3.8 million ) in the fourth quarter of 2021, compared withRMB78.9 million loss from operations in the fourth quarter of 2020 andRMB97.8 million loss from operations in the third quarter of 2021. Non-GAAP income from operations wasRMB415.0 million (US$65.1 million ) in the fourth quarter of 2021, compared withRMB71.1 million Non-GAAP loss from operations in the fourth quarter of 2020 andRMB259.4 million Non-GAAP income from operations in the third quarter of 2021.
Net Income/Loss and Net Earnings/Loss Per Share
- Net Income was
RMB295.5 million (US$46.4 million ) in the fourth quarter of 2021, compared withRMB107.5 million net income in the fourth quarter of 2020 andRMB21.5 million net loss in the third quarter of 2021. Non-GAAP net income wasRMB686.4 million (US$107.7 million ) in the fourth quarter of 2021, representing an increase of 494.7% fromRMB115.4 million in the fourth quarter of 2020 and an increase of 104.5% fromRMB335.7 million in the third quarter of 2021. - Basic and diluted net earnings per ADS6 attributable to ordinary shareholders were
RMB0.31 (US$0.05 ) andRMB0.29 (US$0.05 ), respectively in the fourth quarter of 2021. Non-GAAP basic and diluted net earnings per ADS attributable to ordinary shareholders3 wereRMB0.71 (US$0.11 ) andRMB0.68 (US$0.11 ), respectively in the fourth quarter of 2021.
Cash Position, Operating Cash Flow and Free Cash Flow
- Balance of cash and cash equivalents, restricted cash, time deposits and short-term investments was
RMB50.16 billion (US$7.87 billion ) as ofDecember 31, 2021 . - Operating cash flow was
RMB3.84 billion (US$602.1 million ) in the fourth quarter of 2021, representing an increase of 110.7% fromRMB1.82 billion in the fourth quarter of 2020 and an increase of 76.9% fromRMB2.17 billion in the third quarter of 2021. - Free cash flow was
RMB1.62 billion (US$253.5 million ) in the fourth quarter of 2021, compared withRMB1.60 billion in the fourth quarter of 2020 andRMB1.16 billion in the third quarter of 2021.
Financial Results for the Full Year 2021
Revenues
- Total revenues were
RMB27.01 billion (US$4.24 billion ) in 2021, representing an increase of 185.6% fromRMB9.46 billion in 2020. - Vehicle sales were
RMB26.13 billion (US$4.10 billion ) in 2021, representing an increase of 181.5% fromRMB9.28 billion in 2020. The increase in revenue from vehicle sales was mainly attributable to the increase of vehicle deliveries in 2021. - Other sales and services were
RMB881.3 million (US$138.3 million ) in 2021, representing an increase of 406.8% fromRMB173.9 million in 2020. The increase in revenue from other sales and services was mainly attributable to increased sales of charging stalls, accessories and services in line with higher accumulated vehicle sales, and the sales of automotive regulatory credits.
Cost of Sales and Gross Margin
- Cost of sales was
RMB21.25 billion (US$3.33 billion ) in 2021, representing an increase of 168.7% fromRMB7.91 billion in 2020. The increase in cost of sales was in line with revenue growth, which was mainly driven by the increase in vehicle deliveries in 2021. - Gross profit was
RMB5.76 billion (US$904.1 million ) in 2021, representing an increase of 271.9% fromRMB1.55 billion in 2020. - Vehicle margin was 20.6% in 2021, compared with 16.4% in 2020. The increase in vehicle margin was primarily driven by improved cost control in supply chain management and higher average selling price attributable to the increase of vehicle deliveries in 2021, with the launch of the 2021 Li ONE in
May 2021 . - Gross margin was 21.3% in 2021, compared with 16.4% in 2020. The increase was mainly driven by the increase of vehicle margin.
Operating Expenses
- Operating expenses were
RMB6.78 billion (US$1.06 billion ) in 2021, representing an increase of 205.5% fromRMB2.22 billion in 2020. - Research and development expenses were
RMB3.29 billion (US$515.7 million ) in 2021, representing an increase of 198.8% fromRMB1.10 billion in 2020. The increase in research and development expenses was primarily attributable to increased employee compensation as a result of growing number of research and development staff as well as increased costs associated with new products developments. - Selling, general and administrative expenses were
RMB3.49 billion (US$548.0 million ) in 2021, representing an increase of 212.1% fromRMB1.12 billion in 2020. The increase in selling, general and administrative expenses was primarily driven by increased employee compensation as a result of growing number of staff, as well as increased marketing and promotional activities and rental expenses associated with the expansion of the Company’s sales network.
Income/Loss from Operations
- Loss from operations was
RMB1.02 billion (US$159.6 million ) in 2021, representing an increase of 52.0% fromRMB669.3 million in 2020. Non-GAAP income from operations wasRMB84.0 million (US$13.2 million ) in 2021, compared withRMB526.5 million Non-GAAP loss from operations in 2020.
Net Income/Loss and Net Earnings/Loss Per Share
- Net loss was
RMB321.5 million (US$50.4 million ) in 2021, representing an increase of 111.9% fromRMB151.7 million in 2020. Non-GAAP net income wasRMB779.9 million (US$122.4 million ) in 2021, compared withRMB281.2 million Non-GAAP net loss in 2020. - Basic and diluted loss per ADS attributable to ordinary shareholders were both
RMB0.35 (US$0.05 ) in 2021. Non-GAAP basic and diluted net earnings per ADS attributable to ordinary shareholders wereRMB0.84 (US$0.13 ) andRMB0.81 (US$0.13 ), respectively in 2021. As ofDecember 31, 2021 , the Company had 1,929,562,426 ordinary shares outstanding.
Operating Cash Flow and Free Cash Flow
- Operating cash flow was
RMB8.34 billion (US$1.31 billion ) in 2021, representing an increase of 165.6% fromRMB3.14 billion in 2020. - Free cash flow was
RMB4.33 billion (US$679.9 million ) in 2021, representing an increase of 75.8% fromRMB2.46 billion in 2020.
Employees
- As of
December 31, 2021 , the Company had a total of 11,901 employees.
Business Outlook
For the first quarter of 2022, the Company expects:
- Deliveries of vehicles to be between 30,000 and 32,000 vehicles, representing an increase of 138.5% to 154.4% from the first quarter of 2021.
- Total revenues to be between
RMB8.84 billion (US$1.39 billion ) andRMB9.43 billion (US$1.48 billion ), representing an increase of 147.2% to 163.7% from the first quarter of 2021.
This business outlook reflects the Company’s current and preliminary view on the business situation and market condition, which is subject to change.
Conference Call
Management will hold a conference call at 7:30 a.m. U.
For participants who wish to join the call, please complete online registration using the link provided below at least 20 minutes prior to the scheduled call start time. Upon registration, participants will receive the conference call access information, including dial-in numbers, Direct Event passcode, a unique registrant ID and an e-mail with detailed instructions to join the conference call.
Participant Online Registration: http://apac.directeventreg.com/registration/event/8046297
A replay of the conference call will be accessible through March 6, 2022, by dialing the following numbers:
+1-855-452-5696 | |
Mainland | +86-400-602-2065 |
+852-3051-2780 | |
International: | +61-2-8199-0299 |
Conference ID: | 8046297 |
Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at http://ir.lixiang.com.
Non-GAAP Financial Measure
The Company uses Non-GAAP measures, such as Non-GAAP income/loss from operations, Non-GAAP net income/loss, Non-GAAP basic and diluted net earnings/loss per ADS attributable to ordinary shareholders and free cash flow, in evaluating its operating results and for financial and operational decision-making purposes. By excluding the impact of share-based compensation expenses, changes in fair value of warrants and derivative liabilities, accretion on convertible redeemable preferred shares to redemption value and the effect of exchange rate changes on convertible redeemable preferred shares, the Company believes that the Non-GAAP financial measures help identify underlying trends in its business and enhance the overall understanding of the Company’s past performance and future prospects. The Company also believes that the Non-GAAP financial measures allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making.
The Non-GAAP financial measures are not presented in accordance with
The Company mitigates these limitations by reconciling the Non-GAAP financial measures to the most comparable
For more information on the Non-GAAP financial measures, please see the table captioned “Unaudited Reconciliation of GAAP and Non-GAAP Results” set forth at the end of this press release.
About
For more information, please visit: http://ir.lixiang.com.
Safe Harbor Statement
This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the
For investor and media inquiries, please contact:
Investor Relations
Email: ir@lixiang.com
Tel: +86-10-6508-0677
Email: Li@tpg-ir.com
Tel: +1-212-481-2050
Email: Li@tpg-ir.com
Unaudited Condensed Consolidated Statements of Comprehensive Income/(Loss) | |||||||||||||
(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data) | |||||||||||||
For the Three Months Ended | For the Year Ended | ||||||||||||
2020 | 2021 | 2021 | 2021 | 2020 | 2021 | 2021 | |||||||
RMB | RMB | RMB | US$ | RMB | RMB | US$ | |||||||
Revenues: | |||||||||||||
Vehicle sales | 4,057,737 | 7,385,785 | 10,375,716 | 1,628,176 | 9,282,703 | 26,128,469 | 4,100,127 | ||||||
Other sales and services | 89,160 | 389,389 | 244,736 | 38,404 | 173,906 | 881,310 | 138,297 | ||||||
Total revenues | 4,146,897 | 7,775,174 | 10,620,452 | 1,666,580 | 9,456,609 | 27,009,779 | 4,238,424 | ||||||
Cost of sales: | |||||||||||||
Vehicle sales | (3,362,111) | (5,830,322) | (8,057,653) | (1,264,422) | (7,763,628) | (20,755,578) | (3,257,003) | ||||||
Other sales and services | (60,189) | (132,890) | (182,820) | (28,688) | (143,642) | (492,747) | (77,323) | ||||||
Total cost of sales | (3,422,300) | (5,963,212) | (8,240,473) | (1,293,110) | (7,907,270) | (21,248,325) | (3,334,326) | ||||||
Gross profit | 724,597 | 1,811,962 | 2,379,979 | 373,470 | 1,549,339 | 5,761,454 | 904,098 | ||||||
Operating expenses: | |||||||||||||
Research and development | (374,200) | (888,460) | (1,229,991) | (193,012) | (1,099,857) | (3,286,389) | (515,706) | ||||||
Selling, general and administrative | (429,335) | (1,021,299) | (1,125,885) | (176,676) | (1,118,819) | (3,492,385) | (548,031) | ||||||
Total operating expenses | (803,535) | (1,909,759) | (2,355,876) | (369,688) | (2,218,676) | (6,778,774) | (1,063,737) | ||||||
(Loss)/Income from operations | (78,938) | (97,797) | 24,103 | 3,782 | (669,337) | (1,017,320) | (159,639) | ||||||
Other (expense)/income: | |||||||||||||
Interest expense | (13,123) | (19,236) | (9,685) | (1,520) | (66,916) | (63,244) | (9,924) | ||||||
Interest income and investment income, net | 169,284 | 150,123 | 179,315 | 28,138 | 254,916 | 740,432 | 116,190 | ||||||
Changes in fair value of warrants and derivative liabilities | — | — | — | — | 272,327 | — | — | ||||||
Others, net | 7,477 | 67,595 | 89,037 | 13,972 | 20,133 | 187,320 | 29,395 | ||||||
Income/(Loss) before income tax expense | 84,700 | 100,685 | 282,770 | 44,372 | (188,877) | (152,812) | (23,978) | ||||||
Income tax benefit/(expense) | 22,847 | (122,195) | 12,741 | 1,999 | 22,847 | (168,643) | (26,464) | ||||||
Net income/(loss) from continuing operations | 107,547 | (21,510) | 295,511 | 46,371 | (166,030) | (321,455) | (50,442) | ||||||
Net income from discontinued operations, net of tax | — | — | — | — | 14,373 | — | — | ||||||
Net income/(loss) | 107,547 | (21,510) | 295,511 | 46,371 | (151,657) | (321,455) | (50,442) | ||||||
Accretion on convertible redeemable preferred shares to redemption value | — | — | — | — | (651,190) | — | — | ||||||
Effect of exchange rate changes on convertible redeemable preferred shares | — | — | — | — | 10,862 | — | — | ||||||
Net income/(loss) attributable to ordinary shareholders | 107,547 | (21,510) | 295,511 | 46,371 | (791,985) | (321,455) | (50,442) | ||||||
Net income/(loss) | 107,547 | (21,510) | 295,511 | 46,371 | (151,657) | (321,455) | (50,442) | ||||||
Other comprehensive (loss)/income | |||||||||||||
Foreign currency translation adjustment, net of nil tax | (642,349) | 53,965 | (372,067) | (58,385) | (1,020,728) | (516,687) | (81,079) | ||||||
Total other comprehensive (loss)/income | (642,349) | 53,965 | (372,067) | (58,385) | (1,020,728) | (516,687) | (81,079) | ||||||
Total comprehensive (loss)/income | (534,802) | 32,455 | (76,556) | (12,014) | (1,172,385) | (838,142) | (131,521) | ||||||
Accretion on convertible redeemable preferred shares to redemption value | — | — | — | — | (651,190) | — | — | ||||||
Effect of exchange rate changes on convertible redeemable preferred shares | — | — | — | — | 10,862 | — | — | ||||||
Comprehensive (loss)/income attributable to ordinary shareholders | (534,802) | 32,455 | (76,556) | (12,014) | (1,812,713) | (838,142) | (131,521) | ||||||
Weighted average number of ADSs | |||||||||||||
Basic | 863,519,155 | 933,507,739 | 962,726,533 | 962,726,533 | 435,001,639 | 926,660,224 | 926,660,224 | ||||||
Diluted | 891,416,573 | 933,507,739 | 1,027,358,848 | 1,027,358,848 | 435,001,639 | 926,660,224 | 926,660,224 | ||||||
Net earnings/(loss) per ADS attributable to ordinary shareholders | |||||||||||||
Basic | 0.12 | (0.02) | 0.31 | 0.05 | (1.82) | (0.35) | (0.05) | ||||||
Diluted | 0.12 | (0.02) | 0.29 | 0.05 | (1.82) | (0.35) | (0.05) | ||||||
Weighted average number of ordinary shares | |||||||||||||
Basic | 1,727,038,310 | 1,867,015,478 | 1,925,453,066 | 1,925,453,066 | 870,003,278 | 1,853,320,448 | 1,853,320,448 | ||||||
Diluted | 1,782,833,146 | 1,867,015,478 | 2,054,717,696 | 2,054,717,696 | 870,003,278 | 1,853,320,448 | 1,853,320,448 | ||||||
Net earnings/(loss) per share attributable to ordinary shareholders | |||||||||||||
Basic | 0.06 | (0.01) | 0.15 | 0.02 | (0.91) | (0.17) | (0.03) | ||||||
Diluted | 0.06 | (0.01) | 0.15 | 0.02 | (0.91) | (0.17) | (0.03) |
Unaudited Condensed Consolidated Balance Sheets | |||||
(All amounts in thousands) | |||||
As of | |||||
RMB | RMB | US$ | |||
ASSETS | |||||
Current assets: | |||||
Cash and cash equivalents | 8,938,341 | 27,854,224 | 4,370,936 | ||
Restricted cash | 1,234,178 | 2,638,840 | 414,092 | ||
Time deposits and short-term investments | 19,701,382 | 19,668,239 | 3,086,376 | ||
Trade receivable | 115,549 | 120,541 | 18,916 | ||
Inventories | 1,048,004 | 1,617,890 | 253,882 | ||
Prepayments and other current assets | 353,655 | 480,680 | 75,429 | ||
Total current assets | 31,391,109 | 52,380,414 | 8,219,631 | ||
Non-current assets: | |||||
Long-term investments | 162,853 | 156,306 | 24,528 | ||
Property, plant and equipment, net | 2,478,687 | 4,498,269 | 705,877 | ||
Operating lease right-of-use assets, net | 1,277,006 | 2,061,492 | 323,493 | ||
Intangible assets, net | 683,281 | 751,460 | 117,920 | ||
Deferred tax assets | 59,156 | 19,896 | 3,122 | ||
Other non-current assets | 321,184 | 1,981,076 | 310,872 | ||
Total non-current assets | 4,982,167 | 9,468,499 | 1,485,812 | ||
Total assets | 36,373,276 | 61,848,913 | 9,705,443 | ||
LIABILITIES AND EQUITY | |||||
Current liabilities: | |||||
Short‑term borrowings | — | 37,042 | 5,813 | ||
Trade and notes payable | 3,160,515 | 9,376,050 | 1,471,307 | ||
Amounts due to related parties | 19,206 | 37,455 | 5,878 | ||
Deferred revenue, current | 271,510 | 305,092 | 47,876 | ||
Operating lease liabilities, current | 210,531 | 473,245 | 74,262 | ||
Accruals and other current liabilities | 647,459 | 1,879,368 | 294,914 | ||
Total current liabilities | 4,309,221 | 12,108,252 | 1,900,050 | ||
Non-current liabilities: | |||||
Long-term borrowings | 511,638 | 5,960,899 | 935,395 | ||
Deferred revenue, non-current | 135,658 | 389,653 | 61,145 | ||
Operating and finance lease liabilities, non-current | 1,392,136 | 1,369,825 | 214,955 | ||
Deferred tax liabilities | 36,309 | 153,723 | 24,122 | ||
Other non-current liabilities | 184,717 | 802,259 | 125,891 | ||
Total non-current liabilities | 2,260,458 | 8,676,359 | 1,361,508 | ||
Total liabilities | 6,569,679 | 20,784,611 | 3,261,558 | ||
Total shareholders’ equity | 29,803,597 | 41,064,302 | 6,443,885 | ||
Total liabilities and shareholders’ equity | 36,373,276 | 61,848,913 | 9,705,443 |
Unaudited Condensed Consolidated Statements of Cash Flows | |||||||||||||
(All amounts in thousands) | |||||||||||||
For the Three Months Ended | For the Year Ended | ||||||||||||
2020 | 2021 | 2021 | 2021 | 2020 | 2021 | 2021 | |||||||
RMB | RMB | RMB | US$ | RMB | RMB | US$ | |||||||
Net cash provided by operating activities | 1,821,341 | 2,169,517 | 3,836,898 | 602,093 | 3,139,804 | 8,340,385 | 1,308,788 | ||||||
Net cash (used in)/provided by investing activities | (8,300,693) | 6,962,534 | (7,109,624) | (1,115,655) | (18,737,725) | (4,257,244) | (668,054) | ||||||
Net cash provided by financing activities | 9,990,955 | 11,010,741 | 165,030 | 25,897 | 24,710,697 | 16,709,533 | 2,622,090 | ||||||
Effect of exchange rate changes | (149,910) | (8,659) | (360,431) | (56,559) | (376,646) | (472,129) | (74,086) | ||||||
Net change in cash, cash equivalents and restricted cash | 3,361,693 | 20,134,133 | (3,468,127) | (544,224) | 8,736,130 | 20,320,545 | 3,188,738 | ||||||
Cash, cash equivalents and restricted cash at beginning of period | 6,810,826 | 13,827,058 | 33,961,191 | 5,329,252 | 1,436,389 | 10,172,519 | 1,596,290 | ||||||
Cash, cash equivalents and restricted cash at end of period | 10,172,519 | 33,961,191 | 30,493,064 | 4,785,028 | 10,172,519 | 30,493,064 | 4,785,028 | ||||||
Net cash provided by operating activities | 1,821,341 | 2,169,517 | 3,836,898 | 602,093 | 3,139,804 | 8,340,385 | 1,308,788 | ||||||
Capital expenditures | (222,228) | (1,004,543) | (2,221,529) | (348,606) | (675,187) | (4,007,691) | (628,894) | ||||||
Free cash flow | 1,599,113 | 1,164,974 | 1,615,369 | 253,487 | 2,464,617 | 4,332,694 | 679,894 |
Unaudited Reconciliation of GAAP and Non-GAAP Results | |||||||||||||
(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data) | |||||||||||||
For the Three Months Ended | For the Year Ended | ||||||||||||
2020 | 2021 | 2021 | 2021 | 2020 | 2021 | 2021 | |||||||
RMB | RMB | RMB | US$ | RMB | RMB | US$ | |||||||
(Loss)/Income from operations | (78,938) | (97,797) | 24,103 | 3,782 | (669,337) | (1,017,320) | (159,639) | ||||||
Shared-based compensation expenses | 7,862 | 357,181 | 390,856 | 61,333 | 142,795 | 1,101,356 | 172,827 | ||||||
Non-GAAP (loss)/income from operations | (71,076) | 259,384 | 414,959 | 65,115 | (526,542) | 84,036 | 13,188 | ||||||
Net income/(loss) | 107,547 | (21,510) | 295,511 | 46,371 | (151,657) | (321,455) | (50,442) | ||||||
Shared-based compensation expenses | 7,862 | 357,181 | 390,856 | 61,333 | 142,795 | 1,101,356 | 172,827 | ||||||
Changes in fair value of warrants and derivative liabilities | — | — | — | — | (272,327) | — | — | ||||||
Non-GAAP net income/(loss) | 115,409 | 335,671 | 686,367 | 107,704 | (281,189) | 779,901 | 122,385 | ||||||
Net income/(loss) attributable to ordinary shareholders | 107,547 | (21,510) | 295,511 | 46,371 | (791,985) | (321,455) | (50,442) | ||||||
Shared-based compensation expenses | 7,862 | 357,181 | 390,856 | 61,333 | 142,795 | 1,101,356 | 172,827 | ||||||
Changes in fair value of warrants and derivative liabilities | — | — | — | — | (272,327) | — | — | ||||||
Accretion on convertible redeemable preferred shares to redemption value | — | — | — | — | 651,190 | — | — | ||||||
Effect of exchange rate changes on convertible redeemable preferred shares | — | — | — | — | (10,862) | — | — | ||||||
Non-GAAP net income/(loss) attributable to ordinary shareholders | 115,409 | 335,671 | 686,367 | 107,704 | (281,189) | 779,901 | 122,385 | ||||||
Weighted average number of ADSs (Non-GAAP) | |||||||||||||
Basic | 863,519,155 | 933,507,739 | 962,726,533 | 962,726,533 | 435,001,639 | 926,660,224 | 926,660,224 | ||||||
Diluted | 891,416,573 | 1,000,412,702 | 1,027,358,848 | 1,027,358,848 | 435,001,639 | 985,482,839 | 985,482,839 | ||||||
Non-GAAP net earnings/(loss) per ADS attributable to ordinary shareholders | |||||||||||||
Basic | 0.13 | 0.36 | 0.71 | 0.11 | (0.65) | 0.84 | 0.13 | ||||||
Diluted | 0.13 | 0.34 | 0.68 | 0.11 | (0.65) | 0.81 | 0.13 | ||||||
Weighted average number of ordinary shares (Non-GAAP) | |||||||||||||
Basic | 1,727,038,310 | 1,867,015,478 | 1,925,453,066 | 1,925,453,066 | 870,003,278 | 1,853,320,448 | 1,853,320,448 | ||||||
Diluted | 1,782,833,146 | 2,000,825,404 | 2,054,717,696 | 2,054,717,696 | 870,003,278 | 1,970,965,679 | 1,970,965,679 | ||||||
Non-GAAP net earnings/(loss) per share attributable to ordinary shareholders7 | |||||||||||||
Basic | 0.07 | 0.18 | 0.36 | 0.06 | (0.33) | 0.42 | 0.07 | ||||||
Diluted | 0.06 | 0.17 | 0.34 | 0.05 | (0.33) | 0.41 | 0.06 | ||||||
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1 All translations from Renminbi (“RMB”) to
2 Vehicle margin is the margin of vehicle sales, which is calculated based on revenues and cost of sales derived from vehicle sales only.
3 The Company’s Non-GAAP financial measures exclude share-based compensation expenses, changes in fair value of warrants and derivative liabilities, accretion on convertible redeemable preferred shares to redemption value, and the effect of exchange rate changes on convertible redeemable preferred shares. See “Unaudited Reconciliation of GAAP and Non-GAAP Results” set forth at the end of this press release.
4 Free cash flow represents operating cash flow less capital expenditures, which is considered a Non-GAAP financial measure.
5 Except for vehicle margin and gross margin, where absolute changes instead of percentage changes are presented.
6 Each ADS represents two Class A ordinary shares.
7 Non-GAAP basic net earnings/loss per ordinary share attributable to ordinary shareholders is calculated by dividing Non-GAAP net income/loss attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the periods. Non-GAAP diluted net earnings/loss per ordinary share attributable to ordinary shareholders is calculated by dividing Non-GAAP net income/loss attributable to ordinary shareholders by the weighted average number of ordinary shares and dilutive potential ordinary shares outstanding during the periods, including the dilutive effects of convertible redeemable preferred shares and convertible senior notes as determined under the if-converted method, and dilutive effect of share-based awards as determined under the treasury stock method.
Source:
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